Saudi Arabia Injects Over $10 Billion in Liquidity-Starved Banks
- Date: 26-Jun-2022
- Source: Bloomberg
- Sector:Financial Services
- Country:Saudi Arabia
Saudi Arabia Injects Over $10 Billion in Liquidity-Starved Banks
The Saudi Central Bank placed about 50 billion riyals ($13 billion) as time deposits with commercial lenders, according to people familiar with the matter, seeking to ease the worst liquidity crunch in over a decade.
The intervention started just before the US Federal Reserve’s interest-rate hike this month, and consisted of money provided to banks at a discount to the three-month Saudi Interbank Offered Rate, or Saibor, used as a benchmark to price loans, the people said, asking not to be identified as the information is private.
The central bank, also known as SAMA, didn’t respond to a request for comment.
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